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Buying Silver Online or In-Store: A real world analysis.

 
AxX
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12/25/2012 04:31 PM
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Buying Silver Online or In-Store: A real world analysis.
Dilemma: You have $1000.00. What's the best deal? Buy online at Apmex or instore at Louisville Numismatic Coin store? I asked myself this question and "did what I do" and put the notes here for anyone else who might have the same question.

Current price of silver: $29.92
Calculator says we can get 33.42245989304813oz for $1000.
Goal: Buy 33oz for $1000.00

APMEX:
Silver - Rounds - 1oz - Sort: Price Low to High
As low as $1.19 per round over spot! (When you buy 500+), but we're looking to get 33oz, so OUR per coin price is $32.15, subtracting the current cost of silver ($29.92) we get:

Price over spot: $2.23
At $32.15, we can now only afford to get 31oz for $996.65.

CREDIT CARD FEE: (Not enough for 'bank wire') causes $32.15 to go up to $33.11. (Adding another $0.96 per coin)

At $33.11, we can now only get 30oz for $993.30.

Shipping: $19.95 (Note: Only being able to get 30oz, at $19.95 for shipping & handling, this adds about $0.665 per coin!) This brings total to $1013.25, over what we have and we can't buy again. So now, we're down to 29oz - for $960.19 & 19.95 S&H.

Tax: Apmex not based in or shipping from my state - No sales tax. Thanks Internet!

Now, let's go to our local store...

LNCS:
Price over spot ($29.92): $1.25
At $31.17, we can now only get 32oz for $997.44

CREDIT CARD FEE: None, since I'll be paying cash, something you can't do online.

Shipping: Cost of gas going there & back; most would consider free in comparison.

Tax: In state tax rules apply ( [link to thecoinologist.com] ) - LNCS will charge 6% sales tax by Kentucky state rules. (Some states don't charge tax for this, so they'll be fortunate to get additional rounds!)

$997.44 * 1.06(tax) = $1057.28. Too much!

Because of tax, we have to drop 2oz, so now we're down to:
30oz @ $31.17 = $935.10
$935.10 * 1.06 (tax) = $991.21

In Summary:

APMEX
TOTAL COST: $980.14
TOTAL OZ: 29oz
Total cost/oz: $33.80

LOCAL
TOTAL COST: $991.21
TOTAL OZ: 30oz
Total cost/oz: $33.27


Total Savings going Local over Internet: $0.53/oz.

Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money.

edited: link fixed by removing ) at end.

Last Edited by AxX on 12/26/2012 09:32 AM
Taz
User ID: 28228272
United States
12/25/2012 04:37 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Dilemma: You have $1000.00. What's the best deal? Buy online at Apmex or instore at Louisville Numismatic Coin store? I asked myself this question and "did what I do" and put the notes here for anyone else who might have the same question.

Current price of silver: $29.92
Calculator says we can get 33.42245989304813oz for $1000.
Goal: Buy 33oz for $1000.00

APMEX:
Silver - Rounds - 1oz - Sort: Price Low to High
As low as $1.19 per round over spot! (When you buy 500+), but we're looking to get 33oz, so OUR per coin price is $32.15, subtracting the current cost of silver ($29.92) we get:

Price over spot: $2.23
At $32.15, we can now only afford to get 31oz for $996.65.

CREDIT CARD FEE: (Not enough for 'bank wire') causes $32.15 to go up to $33.11. (Adding another $0.96 per coin)

At $33.11, we can now only get 30oz for $993.30.

Shipping: $19.95 (Note: Only being able to get 30oz, at $19.95 for shipping & handling, this adds about $0.665 per coin!) This brings total to $1013.25, over what we have and we can't buy again. So now, we're down to 29oz - for $960.19 & 19.95 S&H.

Tax: Apmex not based in or shipping from my state - No sales tax. Thanks Internet!

Now, let's go to our local store...

LNCS:
Price over spot ($29.92): $1.25
At $31.17, we can now only get 32oz for $997.44

CREDIT CARD FEE: None, since I'll be paying cash, something you can't do online.

Shipping: Cost of gas going there & back; most would consider free in comparison.

Tax: In state tax rules apply ( [link to thecoinologist.com] - LNCS will charge 6% sales tax by Kentucky state rules. (Some states don't charge tax for this, so they'll be fortunate to get additional rounds!)

$997.44 * 1.06(tax) = $1057.28. Too much!

Because of tax, we have to drop 2oz, so now we're down to:
30oz @ $31.17 = $935.10
$935.10 * 1.06 (tax) = $991.21

In Summary:

APMEX
TOTAL COST: $980.14
TOTAL OZ: 29oz
Total cost/oz: $33.80

LOCAL
TOTAL COST: $991.21
TOTAL OZ: 30oz
Total cost/oz: $33.27


Total Savings going Local over Internet: $0.53/oz.

Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money.
 Quoting: AxX




Nice!!! and I have to agree.
AxX (OP)

User ID: 9595622
United States
12/25/2012 04:38 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money.
 Quoting: AxX

Nice!!! and I have to agree.
 Quoting: Taz 28228272


Thank you!
hf
Anonymous Coward
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12/25/2012 04:45 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I posted this, in this thread:

Thread: Silver's Outlook for 2013


How the hell can people pay, on average, 6-10 dollars over spot?

let me say this first, I buy local....but

being off for the holidays, I hit E-bay...I figured with the drop over the last week I may find a deal or two....

hell no, on average everything that sold was, at minimum 5.50 over spot....with most falling in at the 6-10 range

just boggles my mind
AxX (OP)

User ID: 9595622
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12/25/2012 04:51 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price.

After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25.

But then there's tax... Which lead to this thread.

Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested.
Anonymous Coward
User ID: 28228272
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12/25/2012 04:58 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price.

After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25.

But then there's tax... Which lead to this thread.

Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested.
 Quoting: AxX


Yea...


Member N3m3s1s posted this in another thread:

I ran some numbers to see how well Silver has fared since 2000.


2000 2012

Price of Silver Oct 4.85 34.00

Gallon of Gas 1.00 3.89

Dozen Eggs .89 1.89

Pound of Coffee 3.44 5.69

Honda Civic LX 14930 18005


What can you obtain with an Ounce of Silver today vs. year 2000?

2000 2012


Gallons of Gas 4.85 8.74

Dozens of eggs 5.45 17.98

Pounds of Coffee 1.41 5.97
No Dhimmi
Proud Infidel

User ID: 18280111
United States
12/25/2012 05:09 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
Priceless
Background of my avatar: [link to en.wikipedia.org]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
[link to www.cspipublishing.com]
[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
AxX (OP)

User ID: 9595622
United States
12/25/2012 05:17 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested.
 Quoting: AxX


Yea...
 Quoting: Anonymous Coward 28228272


@ $2000:
Spot Price: $29.82

[insert boring, repetitive stuff from above here, with updated numbers and...]

APMEX
TOTAL COST: $1986.10 (includes $24.95 S&H, no CC Fees)
TOTAL OZ: 61oz
Total cost/oz: $32.56

LOCAL
TOTAL COST: $1991.38
TOTAL OZ: 63oz
Total cost/oz: $31.61


Amazing. Because S&H with Apmex went up with the heavier order, it negated the removal of the credit card fee.

Local still wins... and I get 2 additional coins!
AxX (OP)

User ID: 9595622
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12/25/2012 05:25 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Thanks for the 5-star!
Northern-Lights

User ID: 3894523
New Zealand
12/25/2012 05:34 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
Great post Op!

i would so love a local store i could shop from, as it is i gotta shop online.
Anonymous Coward
User ID: 14286934
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12/25/2012 05:40 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
LETS NOT ALSO FORGET, YOU BUY LOCAL NO PAPER TRAIL, WON'T GET IT TAKEN AWAY, THAT GOES WAY FARTHER THAN THE OUNCE OR TWO YOU SAVE, ALWAYS HAVE TO STAY WITH THE CONSPIRACY(WHICH IN THIS CASE ITS NOT CAUSE THEY ALREADY TOOK GOLD AWAY FROM US ONCE.)
AxX (OP)

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12/25/2012 05:42 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Thanks, NL!

On the "silver lining" of things, at least it's only 1oz difference, right? :)

hf
AxX (OP)

User ID: 9595622
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12/25/2012 05:45 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
LETS NOT ALSO FORGET, YOU BUY LOCAL NO PAPER TRAIL, WON'T GET IT TAKEN AWAY, THAT GOES WAY FARTHER THAN THE OUNCE OR TWO YOU SAVE, ALWAYS HAVE TO STAY WITH THE CONSPIRACY(WHICH IN THIS CASE ITS NOT CAUSE THEY ALREADY TOOK GOLD AWAY FROM US ONCE.)
 Quoting: Anonymous Coward 14286934


This is a very good point, AC. For the conspiracy-minded, buying local can be the only right choice! (Just watch out for those nasty video surveillance cameras upon entering...)
Anonymous Coward
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12/25/2012 05:46 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
LETS NOT ALSO FORGET, YOU BUY LOCAL NO PAPER TRAIL, WON'T GET IT TAKEN AWAY, THAT GOES WAY FARTHER THAN THE OUNCE OR TWO YOU SAVE, ALWAYS HAVE TO STAY WITH THE CONSPIRACY(WHICH IN THIS CASE ITS NOT CAUSE THEY ALREADY TOOK GOLD AWAY FROM US ONCE.)
 Quoting: Anonymous Coward 14286934


This is a very good point, AC. For the conspiracy-minded, buying local can be the only right choice! (Just watch out for those nasty video surveillance cameras upon entering...)
 Quoting: AxX


I hear ya on that, but most those systems are linked in nationally yet... or you could always send someone else in to buy them, but most likely they aren't totally overseen by the big boys yet.
AxX (OP)

User ID: 9595622
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12/25/2012 06:10 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
If you get to travel in your line of work, or life, perhaps it's worth checking out the local numismatic shops and seeing what kind of deals they have while you're there and maybe you can bring 5-10oz back with you in your pocket/luggage/carry-on.
Anonymous Coward
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12/25/2012 06:12 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
hey, don't forget Pawn Shops...got several good deals there myself.
AxX (OP)

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12/25/2012 07:05 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I did forget Pawn Shops.

I've never been. Do they actually have .9999 pure solid silver coins that they charge market price for?

Or is Easy-Cash-Dan just making up prices on them and you can get a good deal?
Anonymous Coward
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12/25/2012 07:12 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Excellent info in this thread.
Anonymous Coward
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12/25/2012 07:14 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
bump

Great thread, OP.
Anonymous Coward
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12/25/2012 07:15 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I did forget Pawn Shops.

I've never been. Do they actually have .9999 pure solid silver coins that they charge market price for?

Or is Easy-Cash-Dan just making up prices on them and you can get a good deal?
 Quoting: AxX


Several here always have some stuff, it may be SAE's, Art Bars, or 90%...hell what's it gonna hurt to stop in and look...who knows you may just find something else.
AxX (OP)

User ID: 9595622
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12/25/2012 07:25 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Excellent info in this thread.
 Quoting: Anonymous Coward 23712556


bump

Great thread, OP.
 Quoting: Anonymous Coward 8397139


Thanks, ACs!

hf
Anonymous Coward
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12/25/2012 07:29 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I have bought at Kitco spot using Craigslist. I have also bartered @ spot. Someone on Craig's bitched at me for paying spot and said they usually buy at 80% spot from desperate sellers needing cash.
SuperManny

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12/25/2012 08:00 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
You can do a lot better than Apmex...

[link to comparesilverprices.com]
The greatest gift you can give anyone is the example of your own life working. -Orin
Acro

User ID: 399597
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12/25/2012 08:15 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
It's all relative. When silver hits 50 and above, who fucking cares about small change per 1oz.
Just but it!
Anonymous Coward
User ID: 19315397
Mexico
12/25/2012 08:23 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
I'm all for buying physical, but you really do need to look around to get the lowest "over spot" price.

After seeing APMEX's "total price" I called my local and I about fell over when they said $1.25.

But then there's tax... Which lead to this thread.

Maybe I'll do another quick one for $2000, which would allow us to get rid of the credit card fees from Apmex, if anyone's interested.
 Quoting: AxX


In the other hand , you can get better coins from APMEX !!
Most local shop has circulated coins !!
Semi-numis coins are the best
ex:

[link to www.apmex.com]
Philligan
in rainbows

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12/25/2012 08:27 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
My local shop doesn't charge tax over $1000 purchases
everything in its right place
ru1im2

User ID: 30859205
Mongolia
12/25/2012 09:18 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
It's all relative. When silver hits 50 and above, who fucking cares about small change per 1oz.
Just but it!
 Quoting: Acro


Was just going to predict over 50 in 2013!
Judethz
Israel is Eternal

User ID: 20521597
United Kingdom
12/25/2012 09:31 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
Personally, I think I'd go with the option that gives me an extra round, for the "same amount" of money.
 Quoting: AxX


9teen Depends on if you trust the Internet and don't mind leaving a paper trail when confiscation time comes around.

PS: Don't park your vehicle near the coin dealers, your license plate is a record.
BossPickupTrucks
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12/25/2012 09:35 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Tax at a local coin shop for silver?
Anonymous Coward
User ID: 30670164
Canada
12/25/2012 09:52 PM
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Re: Buying Silver Online or In-Store: A real world analysis.
Buy on craigslist, put an ad WILL BUY YOUR SILVER BULLION
truthwillsetyoufreeag​ain

User ID: 23952927
United States
12/25/2012 10:08 PM

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Re: Buying Silver Online or In-Store: A real world analysis.
I haven't made a purchase at APMEX since I bought silver at...uhm 49. cool2 I went there a few minutes ago to purchase one 1/10 oz. gold Eagle. The price with a credit card is about $203. I went to check out and was shocked that tax popped up for $18. That was on top of $12.50 for shipping. That all added up for a tiny gold coin.

I knew I had never paid tax before. Then I vaguely remembered a story a while back about APMEX opening a branch on Wall Street. I looked it up and I was correct. Turns out since I live in NY I am now going to have to pay tax at APMEX. So I didn't hit the button to finalize the order.

A new coin store opened in my area. I'll pay them a visit. The cost of living is huge around here so I'll be interested to see the over spot price. Of course I'll be paying tax but won't have the credit card fee. I'm looking to really buy silver, but I still want the 1/10th oz. of gold.

This is a great thread, OP.
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